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SEB: youngsters in Latvia are more open to starting a business than their Baltic neighbours

Photo: pixabay.com.
40% of Latvian youngsters aged 18 to 25 have a desire and plans to start a business, according to results of a study performed by SEB Bank. The main sectors in which youngsters see potential include trade, production and art. In addition, youngsters in Latvia are more open to starting a business than their neighbours in Lithuania and Estonia.

According to results of the study, the largest number of youngsters is among the ones still studying – 44% of them plan to do hired work or combine it with studies. A smaller proportion of youngsters is among youngsters with full-time jobs and income (34%).

Another trend is also observes – there is a clear desire to start a business among men. 47% of them plan to start their own business. Women are generally less active – 35% of interviewed women would like to start their own business. The desire to start a business is especially high among Riga and Pieriga residents.

It should be noted that Latvian youngsters generally have a higher degree of interest for business. According to study data, 30% of youngsters in Lithuania and 24% of youngsters in Estonia are open to starting a business.

The most popular industries in Latvia are trade and production. It is a business model that is in high demand right now.

Because it is possible to send goods to any country in the world, more and more companies keep emerging in Latvia that work in accordance with this approach. It is good that youngsters understand how small Latvia’s market is and how important it is to consider exports.

«It is also interesting that the third most popular direction is art and entertainment. Considering just how many talented people live in Latvia, I thing this industry has great potential,» SEB Bank board member Arnis Škapars comments on the study’s results.

Youngsters in Estonia see business potential in sectors like professional, scientific or technical activities (lawyers, designers, architects, photographers, researchers, etc.), IT and trading. The most popular sectors among youngsters in Lithuania include trade, art, entertainment, and IT.


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